The company behind TGI Fridays UK, Hostmore, plans to appoint administrators, jeopardizing its 87 outlets and 3,000 employees amidst severe financial challenges.
Hostmore announced it would appoint administrators and sell off its restaurants to rivals, while highlighting that ongoing operations continue as normal temporarily.
Despite attempts to secure a merger with TGI Fridays in the US, Hostmore's efforts failed after the main franchise owner lost rights to essential royalties.
The board of Hostmore acknowledged the tough environment it inherited and attempted to cut costs while facing challenging trading conditions, ultimately leading to its current predicament.
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